Today’s students are tomorrow’s industry leaders. To see what’s on their minds, Commerce + Communities Today asked ICSC’s most engaged student members, — from the ICSC Foundation Student Member Advisory Committee, or SMAC — what they see coming and how the marketplaces industry should modernize.

University of San Diego’s Zed Truong, who grew up in Vietnam, sees the potential to apply principles from Vietnamese properties to those in the U.S. “It comes down to simply projecting malls as a space for leisure,” he said. “Shifting the tenant demographic a bit more to the fun activities other than just shopping can really help with driving traffic and customers to the retail space, thus combatting the rising growth of online shopping.”

He also believes U.S. marketplaces need stronger identities. “In Vietnam, almost every mall has a reputation/hype/branding behind it. For example, Takashimaya mall has a reputation for Japanese culture, Diamond Plaza for being one of the old gems of Saigon, and so on,” he said. “Since the U.S is a more developed country, there might be too much supply for super unique branding, but we can do something similar and bring back the hype to the retail space. This is more of a cultural thing. For example, everyone in San Diego knows Convoy Street is popular for Asian foods and other activities, such as karaoke.”

University of Kentucky’s Jordan Smith echoed Truong’s branding observations. “Something many in the industry are missing is how important marketing is for retail centers to build a brand,” Smith said. “Examples of this marketing include hosting events, being active on social media platforms and sponsoring causes around the community. This all helps to build the brand. ... The Summit at Fritz Farm in Lexington, Kentucky, is a great example of this practice. They add incredible value to retailers due to their large social media presence and brand awareness.”

University of Miami School of Law’s Jessica Brenner sees fewer physical stores in the future, thanks to shoppers’ increasing comfort with online shopping. “We can see more retailers maintain a few flagship locations in densely populated or tourist-populated areas but close storefronts to smaller locations and utilize their online presence,” she said. “By doing so, the retailer brand would likely be able to keep its net worth at an appealing level for sales and revenue.”

The most successful marketplaces of the future will offer high-end, high-touch experiences that interact with and embrace a rich metaverse and online shopping channel, said The University of British Columbia Sauder School of Business’ Gurajvir Bhatia. “I see the potential to create blue oceans within this niche and develop investment models like never before,” Bhatia said. “As shopping becomes easily accessible through the metaverse, the whole in-person shopping experience could likely be a luxury for which [a] few would be willing to pay exorbitant prices.”

New opportunities exist outside the tried-and-true formulas, according to Loyola Marymount University’s Nicole Baigorrotegui, who predicts an expansion of retail touch points in suburban and rural communities, she said. “The marketplace[s] industry should focus on identifying towns in the U.S. that have experienced an unexpected growth in their population and consider designing and developing retail sites that are accessible and fit their needs.”

SMAC Gives Student Members a Voice at ICSC

The ICSC Foundation’s Student Member Advisory Committee ensures ICSC is on top of the ideas and trends that excite the next generation of marketplaces industry professionals.

The dedicated group of 10 to 12 student members provide guidance on ICSC’s student-related programs and resources. Active ICSC full-time-student members in pursuit of degrees from accredited universities or colleges can apply for seats. Selections occur each spring before ICSC Las Vegas. Terms last one year, and a student can serve no more than three terms. Each committee member joins a work group to complete a project throughout the term, and the group meets monthly to provide feedback to ICSC and to discuss progress.

2022-23 ICSC Student Member Advisory Committee

DePaul University graduate student Mat Chen and University of Kentucky undergraduate Jordan Smith co-chair the current group. Additional members include:

• Loyola Marymount University’s Nicole Baigorrotegui
• The University of British Columbia Sauder School of Business’ Gurajvir Bhatia
• The University of British Columbia Sauder School of Business’ Akshat Jain
• University of Miami School of Law’s Jessica Brenner
• New York University’s Francisco Castillo
• Indiana University Bloomington’s Jesse Huang
• University of Houston-Downtown’s Lewis Roberts Jr.
• Southern Methodist University’s Jacob Dane Southard
• University of San Diego’s Zed Truong
• Florida State University graduate student Erin Vollmer